Of course those yields are highly variable and have been diluted in the past day as more users supply liquidity to Aave’s V3 deployment on Avalanche — a tweet by Stablecoin Yields on Apr. 19 shows yields of 61% for USDT, above 38% for DAI, and over 17% for USDC.

Indeed, data provider DeFi Llama shows an jump in deposits into Aave V3 deployment on Avalanche — total value locked jumped from $6.39M on Apr. 19 to $1.01B. That’s well over a hundred fold increase in a day, which shows how responsive the market is to incentives (and how quickly the resulting yields get diluted).

Ava Labs is the primary company developing the Avalanche blockchain’s ecosystem. Lending protocol Aave launched its V3 last month on both Avalanche and Fantom. 

the AVAX rewards were part of Avalanche Rush, a $180M incentive program launched